July 31 – With the EMV liability shift around the corner, technology experts are concerned that EMV may not be enough to thwart today’s sophisticated hackers. Indeed, Ruston Miles, Chief of Product Innovation at Bluefin Payment Systems, notes that five years after EMV was deployed in the U.K., the region continues to experience increases in Card Not Present (CNP) fraud, ranging as high as 79 percent over pre-EMV levels.
Authentication/Fraud/Identity Theft - Page 2
Managing risks requires a proactive approach
By Charles Cheatham
A bank’s information security risks include not just regulatory risk, but also financial risk (from unauthorized transactions arising from data breaches), reputation risk (loss of customers’ trust and loss of business), and business continuity risk (system failure, destruction or corruption of data, or unavailability of electronic information because of hackers, disaster, or other business interruptions).
February 23 — The concept of threat and vulnerability sharing is not new. The practice has been around for decades now, taking on various forms. But, the cyber-attacks on JPMorgan Chase and several other financial institutions this past year have caused a major push for improved bank security in 2015. (more…)
Credit cards, debit cards, loyalty cards, membership cards and even gift cards stuff most Americans’ wallets, including mine. And finding the right card to use at the right time is often as confusing as it is daunting.
March 6 – "Increasing instances of cybercrime against retail systems in the U.S. highlight the need for EMV chip cards," Randy Vanderhoof, executive director of the Smart Card Alliance, testified this morning at the House hearing, "Can Technology Protect Americans from International Cybercriminals?" Vanderhoof testified on payments security and the increasing threat of cybercrime to steal vulnerable payment data, how EMV chip cards and terminals will make payments more secure, and the U.S. EMV migration.
As EMV is implemented in the United States, fraud involving card-not-present transactions (i.e., online, mobile, mail and telephone transactions) is expected to increase — a trend that has occurred in other countries after the adoption of EMV. According to an Aite report, 16 percent of total losses to fraud — or approximately $8.6 billion per year — are currently attributed to CNP transactions. And with the continued growth in e-commerce, estimated to increase by nearly 30 percent by 2017, CNP will undoubtedly gain the attention of cybercriminals once more secure credit/debit cards are used in physical point-of-sale transactions.
The increased use of online banking and digital transactions over the past decade has resulted in the implementation of myriad new technologies designed to better serve existing customers, attract new customers, streamline operations and, in the best of cases, reduce costs. Although not new, one technology gaining wider acceptance among financial institutions that meets all these objectives is the electronic signature. And with the majority of signature transactions expected to be originated on a mobile device by 2020, FIs need to be fully committed to offering e-signatures on any document transmitted electronically.
Dec. 18 – Forty percent of North American financial executives experienced attempted ACH and wire fraud versus 54 percent in rest of the world.